Appraisal

[Russell Beard]

How do you deal with a request for appraisal on your Hamer's? I am changing insurance companies and they will not provide more than $1000.00 of coverage without an appraisal.  I am not delusional about being able to replace my Impact Neck Thru, if something were to happen but I have always covered it for at least what I paid for it.  Thoughts?

[kizanski]

Heritage Insurance Services doesn't require formal appraisals.  They're the best, period.  

Don't waste your time adding your guitars to your homeowners policy.  

[veatch]

3 hours ago, kizanski said:

Heritage Insurance Services doesn't require formal appraisals.  They're the best, period.  

Don't waste your time adding your guitars to your homeowners policy.  

^-- This

[fractal]

Clarion Insurance is also good about this.

 

[Jimbilly]

(me being in the real-property appraisal biz) I wonder if the insurance co would require a personal property appraiser certified in your state?, or if they would consider someone else to be qualified?  Given that it would probably be expensive to have a certified appraiser create reports for all your stuff (see link below for some of what they have to go through), I think I'd take the advice above and switch companies. 

https://www.appraisalfoundation.org/imis/TAF/Standards/Qualification_Criteria/Qualification_Criteria__PP_/TAF/AQB_PPAQC.aspx?hkey=36f481cc-8629-47fa-9584-e2dd7f702e88

[kizanski]

That's a fools errand, @Jimbilly, There is literally no advantage to going that route.
With Heritage you send them a list of what you have and the value you assign to each. No appraisals. No photos.
They reply with an extremely reasonable annual charge for the coverage, you pay it, and then you put your head on your pillow and snore your ass off from all of that peace of mind.

When there is a problem, they handle it with a minimum of questions or red tape.

I once had a custom ordered Nik Huber Orca.  At the time fair market value for it (used) was about $5,000.
I had had a couple of guitars out on stands and decided to put them back in their cases. This was pre-guitars-hung-on-the-walls days.  For some reason I decided to leave that one on the stand, probably thinking I would want to play it later on.
When I returned to that room later that day, the Orca had face-planted onto the floor, cracking the headstock at the low E tuner and chipping the face of the body along the edge in a couple of places.

Getting paid was as easy as submitting the repair receipt, but what about the loss of value?
You wouldn't pay full price for a repaired guitar, right? Neither would I.
This is one time where an appraisal is necessary.  I had the repair place state that the guitar is worth about $2,500 now, so Heritage paid me for the repair and the $2,500.

Try that with your homeowner's policy.
 

[Camstone]

+1  for Heritage

[HSB0531]

18 hours ago, kizanski said:

Heritage Insurance Services doesn't require formal appraisals.  They're the best, period.  

Don't waste your time adding your guitars to your homeowners policy.  

When I had renters insurance, I always had separate coverage for musical instruments called a "floater policy".

It's an addition to your home owners or renters insurance and it covers a specific item both in and outside the home for damage, loss or stolen.

 

 

[veatch]

50 minutes ago, HSB0531 said:

When I had renters insurance, I always had separate coverage for musical instruments called a "floater policy".

It's an addition to your home owners or renters insurance and it covers a specific item both in and outside the home for damage, loss or stolen.

Be careful, as some "floater policies" don't cover gear outside of the home if used for business. ie: a paying gig...

[kizanski]

5 minutes ago, veatch said:

Be careful, as some "floater policies" don't cover gear outside of the home if used for business. ie: a paying gig...

Right.  Also Heritage covers flood, fire, damage incurred while shipping the guitar to the guy you just sold it to, damage, loss of value... 

Everything is covered except for acts of terrorism.  But I think if that were to become an issue, you've got bigger problems.   

[HSB0531]

1 hour ago, kizanski said:

Everything is covered except for acts of terrorism.  But I think if that were to become an issue, you've got bigger problems.   

I still keep my non-working Nikon F4s camera and Manfrotto monopod as defensive weapons in case of a terrorist attack.

[Dutchman]

How about using the vintage guitar price estimates. That's what most use for pricing, and I'll bet @Willie G. Moseleycan hook you up.

[kizanski]

I gave you all the playbook.
If you want to jump through hoops for inferior coverage, and pay more for it in the process, you go ahead.

[topekatj]

@kizanski: You make a great case for Heritage, thanks.

Regarding the Orca, perhaps I misunderstood: You still owned the guitar post- accident and repair, so you’re saying Heritage paid you for the loss in value to the guitar (AND the repair) due to the accident? Amazing 

Will they insure amplifiers also?

[kizanski]

6 minutes ago, topekatj said:

Regarding the Orca, perhaps I misunderstood: You still owned the guitar post- accident and repair, so you’re saying Heritage paid you for the loss in value to the guitar (AND the repair) due to the accident? Amazing 

Yes - that's right.  They paid me for the repair and the loss of value.  

[topekatj]

@kizanski, thanks, was typing as you replied. Do they insure amplifiers also?

[kizanski]

4 minutes ago, topekatj said:

Do they insure amplifiers also?

I don't think so, but I'm not sure about that.

Their website has a wealth of info, though.

[veatch]

I have all of my gear covered. Guitars, amps, pedals, pa gear. 

A lot less expensive than I expected, and great coverage. 

[veatch]

I think it might have actually been less than what I was paying on home owners, and that did not cover gigs, which is the primary risk...

[topekatj]

I signed up for coverage today, $25K in coverage @ $250/ yr. Amps, too!

Thanks for the suggestion!

[tweed]

14 hours ago, kizanski said:

Yes - that's right.  They paid me for the repair and the loss of value.  

Uuh, so does that mean you can insure the Orca again now at half its value ?

[kizanski]

6 hours ago, tweed said:

Uuh, so does that mean you can insure the Orca again now at half its value ?

I don't see why not.  If I still owned it, that is.  

[cmatthes]

On 7/7/2022 at 2:12 AM, Dutchman said:

How about using the vintage guitar price estimates. That's what most use for pricing, and I'll bet @Willie G. Moseleycan hook you up.

Except that guide is (and always has been) totally worthless.

[Devnor]

With Clarion, anything over 5K requires an appraisal.

[fractal]

1 hour ago, Devnor said:

With Clarion, anything over 5K requires an appraisal.

They do cover amps/interfaces/other gear though.  The "appraisal" can be a sales receipt.  (I've done this before.)

[HSB0531]

9 hours ago, cmatthes said:

Except that guide is (and always has been) totally worthless.

When I had some of my basses appraised at We Buy Guitars they used the Vintage Guitars book.

They had the '77 Inca Silver Stingray appraisal in the mid $1k range.

I tried Gruhn Guitars to appraise the same bass and they said it was worth under $1000.00.

My old guitar buddy said it's whatever the current sell price is on eBay.

And he was right.